Great Eastern Energy Corporation to Venture into Shale Gas Exploration

Great Eastern Energy Corporation Limited (LSE: GEEC), the fully
integrated, leading Indian Coal Bed Methane (“CBM”) Company, today
announced an upgrade in its resources at its Raniganj (South) block,
which has been provided by the independent reserve engineers, Advance
Resources International, Inc. (“ARI”).

The Government of India has permitted exploration and exploitation of
all types of hydrocarbons including shale resources under the existing
CBM Contracts.

ARI has made the following assessment of the CBM and Shale resources in
the Raniganj (South) block:

“We are delighted to report this significant uplift in the OGIP for
our Raniganj (South) block of up to 9.25 TCF, with an undiscounted value
of $13.78 billion and a discounted value of $4.31 billion. We
believe that the shale gas resources can be explored and developed
cost-effectively in tandem with our successful ongoing CBM development
program through the sharing of surface and other infrastructure
facilities. We are currently planning the initial exploration program
for exploiting shale in our block, and will make a further announcement
in due course when we commence the same. This is a fantastic opportunity
for us to leap to the next level in the unconventional energy space. We
continue to be confident and excited about the future of our Raniganj
(South) block.

We commend the Government of India’s continuing transformational
policies for the E&P sector; these will go a long way in attracting
investments in the sector, thereby boosting India’s energy security and
reducing our dependence on imports.”